Condo Insurance - Michigan

The master condo policy typically protects only the shell of your unit, leaving your personal property and the unit interior at risk. We’ll make sure you understand your bylaws and have the protection you need.

Your condo association’s insurance policy likely covers certain aspects of your condo, such as common or shared areas. As a result, it may cover your condo unit, but not any improvements you make or fixtures you add to the condo. It also won’t cover your personal possessions.

How can condo insurance protect you?

Use the yellow hot spots and explore how condo insurance can help protect against common risks.

Improvements and Alterations

Risk Factor

Any improvements, alterations or additions made to your condominium are subject to damage.

Solution

Be sure to obtain coverage for any improvements and alterations made to the unit. This includes, but is not limited to, kitchen cabinets, built-in wall units, wall-to-wall carpeting, wallpaper, paint, bathroom fixtures, tile and wood flooring and more.

Personal Property

Risk Factor

Unpredictable losses can occur to your property due to burglary, fire, water damage, storm and more.

Solution

Personal property, such as furniture, rugs, TVs, stereos, clothes and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles and other valuables should likely be insured separately.

Additional Living Expenses

Risk Factor

Additional living expenses can be incurred if there is damage to your unit due to a fire, storm or other event resulting in your need to live at a temporary residence.

Solution

Ensure you have the proper coverage in case you need to live elsewhere for a little while. Coverage usually includes hotel bills, restaurant meals and other living expenses incurred while your residence is being repaired or rebuilt.

Personal and Family Liability

Risk Factor

You're responsible if a guest in your unit trips and falls or sustains an injury while on your property or if you cause damage to other units.

Solution

Be sure that you have coverage for claims made against you for bodily injury or property damage caused by your negligence, whether intentional or not. This might include damage to other units in the building, perhaps caused by a leaking pipe in your unit or otherwise.

Medical Expenses

Risk Factor

You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.

Solution

Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.

Loss Assessment

Risk Factor

If your building owner or association suffers a loss and doesn't have adequate insurance coverage of their own, they may require you to help pay for the loss via an assessment.

Solution

Consider loss assessment coverage to protect yourself in the event of an assessment caused either by a property (building) or liability loss. Typical limits range from $5,000 to $50,000.

Physical Damage

Risk Factor

Physical damage can happen in many ways. As one example, suppose a fire unexpectedly breaks out in the utility closet and consumes the building causing significant damage.

Solution

Ensure that your building owner or association carries an all-risk special form to cover the risk of physical damage. Explosion of boilers are typically excluded, so a separate policy must be written to cover that exposure.

Condo insurance is designed to make up for this shortfall. It’s a mixture of the better-known landlord insurance and renters insurance, but is specially designed for your particular condo. It covers damage caused by theft, fire, severe wind, lightning strikes and frozen pipes. It’s important to note, however, that condo insurance does not usually cover flooding.

It can be confusing to figure out exactly what coverage you need for your condo unit, so we’re more than happy to work with you to find the condo insurance policy that’s right for you.

Let’s discuss your condo insurance.

One of our insurance advisors will reach out to you to review your information and present you with the appropriate condo insurance solution. There’s no obligation, just good-old-fashioned advice.